EX-99.1 2 tm2521330d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

Astrana Health, Inc. Reports Second Quarter 2025 Results

Company to Host Conference Call on Thursday, August 7, 2025, at 2:30 p.m. PT/5:30 p.m. ET

| · | Reports total revenue of $654.8 million and adjusted EBITDA of $48.1 million, both at the higher end of guidance

| · | Continues to manage medical cost trends effectively, with trend within expectations across all lines of business

| · | Reiterates full-year 2025 guidance which is inclusive of the now-closed Prospect Health acquisition

ALHAMBRA, Calif., August 7, 2025 /PRNewswire/ -- Astrana Health, Inc. (“Astrana,” and together with its subsidiaries and affiliated entities, the “Company”) (NASDAQ: ASTH), a leading provider-centric, technology-powered healthcare company enabling providers to deliver accessible, high-quality, and high-value care to all, today announced its consolidated financial results for the second quarter ended June 30, 2025.

"Astrana Health's strong second quarter results underscore the power of our physician-focused, technology-enabled model to drive profitable growth and deliver better outcomes at scale," said Brandon Sim, President and CEO of Astrana Health. "Our unique ability to build longitudinal relationships with our patients, paired with leading clinical capabilities and a purpose-built technology platform affording us real-time visibility of our patients' health, allows us to operate from a position of strength in a complex and evolving healthcare landscape. As we look ahead, we remain focused on disciplined execution and expanding access to high-quality, coordinated care for the patients and communities we serve."

Financial Highlights for Second Quarter Ended June 30, 2025:

All comparisons are to the three months ended June 30, 2024 unless otherwise stated.

| • | Total revenue of $654.8 million, up 35% from $486.3 million

| • | Care Partners revenue of $631.4 million, up 36% from $463.3 million

| • | Net income attributable to Astrana of $9.4 million

| • | Earnings per share - diluted (“EPS - diluted”) of $0.19

| • | Adjusted EBITDA(1) of $48.1 million

Financial Highlights for Six Months Ended June 30, 2025:

All comparisons are to the six months ended June 30, 2024 unless otherwise stated.

| • | Total revenue of $1,275.2 million, up 43% from $890.6 million

| • | Care Partners revenue of $1,232.4 million, up 46% from $845.6 million

| • | Net income attributable to Astrana of $16.1 million

| • | Earnings per share - diluted (“EPS - diluted”) of $0.33

| • | Adjusted EBITDA(1) of $84.5 million

(1) See “Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin” and “Use of Non-GAAP Financial Measures” below for additional information.

Recent Operating Highlights

| · | On July 1, 2025, the Company completed its previously announced acquisition of Prospect Health consisting of businesses and assets relating to Prospect Health System, including its California licensed health care service plan (Prospect Health Plan), medical groups in California, Texas, Arizona and Rhode Island (Prospect Medical Groups), management service organization (Prospect Medical Systems), pharmacy (RightRx), and Foothill Regional Medical Center. Concurrently with the close, the Company entered into a side letter agreement that, among other things, reduced the aggregate purchase price from $745.0 million to $707.9 million and removed certain working capital adjustments and related escrow. The acquisition was financed using $707.3 million of proceeds from a five-year delayed draw term loan credit facility.

| · | Astrana announced Sherry McBride has joined as Chief Operating Officer of Astrana Health - Management Services Organization, effective Monday, June 2, 2025. Ms. McBride is leading operational integration and execution and working alongside Astrana's Executive Leadership Team as the Company accelerates the scale of its leading care delivery platform. Ms. McBride's appointment complements several other strategic additions to the leadership team, including Georgie Sam as Chief Data and Analytics Officer, Glenn Sobotka as Chief Accounting Officer, and the promotion of Rita Pew to Chief People Officer.

Segment Results for three months ended June 30, 2025:

All comparisons are to the three months ended June 30, 2024 unless otherwise stated.

|  | Three Months Ended June 30, 2025 |
(in thousands) |  | Care Partners |  |  | Care Delivery |  |  | Care Enablement |  |  | Intersegment Elimination |  |  | Corporate Costs |  |  | Consolidated Total |
Total revenues |  | $ | 631,442 |  |  | $ | 38,394 |  |  | $ | 40,901 |  |  | $ | (55,929 | ) |  | $ | — |  |  | $ | 654,808 |
% change vs. prior year quarter |  |  | 36 | % |  |  | 10 | % |  |  | 13 | % |  |  |  |  |  |  |  |  |  |  |  |
Cost of services |  |  | 536,266 |  |  |  | 27,873 |  |  |  | 31,130 |  |  |  | (18,430 | ) |  |  | — |  |  |  | 576,839 |
General and administrative(1) |  |  | 45,491 |  |  |  | 8,374 |  |  |  | 7,930 |  |  |  | (37,511 | ) |  |  | 33,345 |  |  |  | 57,629 |
Total expenses |  |  | 581,757 |  |  |  | 36,247 |  |  |  | 39,060 |  |  |  | (55,941 | ) |  |  | 33,345 |  |  |  | 634,468 |
Income (loss) from operations |  | $ | 49,685 |  |  | $ | 2,147 |  |  | $ | 1,841 |  |  | $ | 12 | (2) |  | $ | (33,345 | ) |  | $ | 20,340 |
% change vs. prior year quarter |  |  | 23 | % |  |  | 18 | % |  |  | (73 | )% |  |  |  |  |  |  |  |  |  |  |  |

(1) Balance includes general and administrative expenses and depreciation and amortization.

(2) Income from operations for the intersegment elimination represents rental income from segments renting from other segments. Rental income is presented within other income which is not presented in the table.

2025 Guidance:

Astrana is providing the following guidance for total revenue and Adjusted EBITDA for the quarter ending September 30, 2025 and reiterating guidance for the year ending December 31, 2025 based on the Company’s existing business, current view of existing market conditions, and assumptions.

($ in millions) |  | Three Months Ending September 30, 2025 |  |  | Year Ending December 31, 2025 |
|  | Guidance Range |  |  | Guidance Range |
|  | Low |  |  | High |  |  | Low |  |  | High |
Total revenue |  | $ | 925 |  |  | $ | 965 |  |  | $ | 3,100 |  |  | $ | 3,300 |
Adjusted EBITDA |  | $ | 65 |  |  | $ | 70 |  |  | $ | 215 |  |  | $ | 225 |

See “Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA” and “Use of Non-GAAP Financial Measures” below for additional information. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. See “Forward-Looking Statements” below for additional information.

Conference Call and Webcast Information:

Astrana will host a conference call at 2:30 p.m. PT/5:30 p.m. ET today (Thursday, August 7, 2025), during which management will discuss the results of the second quarter ended June 30, 2025. To participate in the conference call, please use the following dial-in numbers about 5 minutes prior to the scheduled conference call time:

U.S. & Canada (Toll-Free): | +1 (877) 858-9810
International (Toll): | +1 (201) 689-8517

The conference call can also be accessed via webcast at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=4qZoCOiq

An accompanying slide presentation will be available in PDF format on the “IR Calendar” page of the Company’s website (https://ir.astranahealth.com/news-events/ir-calendar) after issuance of the earnings release and will be furnished as an exhibit to Astrana’s current report on Form 8-K to be filed with the SEC, accessible at www.sec.gov.

Those who are unable to attend the live conference call may access the recording at the above webcast link, which will be made available shortly after the conclusion of the call.

Note About Consolidated Entities

The Company consolidates entities in which it has a controlling financial interest. The Company consolidates subsidiaries in which it holds, directly or indirectly, more than 50% of the voting rights, and variable interest entities (“VIEs”) in which the Company is the primary beneficiary. Noncontrolling interests represent third party equity ownership interests in the Company’s consolidated entities (including certain VIEs). The amount of net income attributable to noncontrolling interests is disclosed in the Company’s consolidated statements of income.

About Astrana Health, Inc.

Astrana Health is a physician-centric, AI-powered healthcare company committed to delivering high-quality, patient-centered care. Built from the physician's perspective, Astrana combines its scalable care delivery infrastructure, proprietary technology platform, and aligned provider networks to enable proactive, preventive care at scale - improving patient outcomes, enhancing patient experiences, supporting provider well-being, and driving greater value across the healthcare system.

Today, Astrana supports more than 20,000 providers and over 1.6 million patients in value-based care arrangements through its affiliated provider networks, management services organization, and integrated care delivery clinics spanning primary, specialty, and ancillary care. Together, Astrana is building the healthcare system we all deserve - one that delivers better care, better experiences, and better outcomes for all. For more information, visit www.astranahealth.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about the Company’s guidance for the quarter ending September 30, 2025 and the year ending December 31, 2025, ability to meet operational goals, ability to meet expectations in deployment of care coordination and management capabilities, ability to decrease cost of care while improving quality and outcomes, ability to deliver sustainable revenue and EBITDA growth as well as long-term value, ability to respond to the changing environment, statements about the Company's liquidity, and successful completion and implementation of strategic growth plans, acquisition strategy, and merger integration efforts. Forward-looking statements reflect current views with respect to future events and financial performance and therefore cannot be guaranteed. Such statements are based on the current expectations and certain assumptions of the Company’s management, and some or all of such expectations and assumptions may not materialize or may vary significantly from actual results. Actual results may also vary materially from forward-looking statements due to risks, uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company’s reports to the SEC, including, without limitation the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent quarterly reports on Form 10-Q. Any forward-looking statements made by the Company in this release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

FOR MORE INFORMATION, PLEASE CONTACT:

Grant Hesser, Investor Relations
grant.hesser@astranahealth.com

ASTRANA HEALTH, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

|  | June 30, 2025 |  |  | December 31, 2024 |
|  | (Unaudited) |  |  |  |
Assets |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 339,703 |  |  | $ | 288,455 |
Investment in marketable securities |  |  | 2,417 |  |  |  | 2,378 |
Receivables, net (including amounts with related parties) |  |  | 348,730 |  |  |  | 275,990 |
Income taxes receivable |  |  | 7,893 |  |  |  | 19,316 |
Other receivables |  |  | 8,655 |  |  |  | 29,496 |
Prepaid expenses and other current assets |  |  | 21,754 |  |  |  | 22,861 |
Total current assets |  |  | 729,152 |  |  |  | 638,496 |
Non-current assets |  |  |  |  |  |  |  |
Property and equipment, net |  |  | 17,800 |  |  |  | 14,274 |
Intangible assets, net |  |  | 105,737 |  |  |  | 118,179 |
Goodwill |  |  | 416,917 |  |  |  | 419,253 |
Income taxes receivable, non-current |  |  | 15,943 |  |  |  | 15,943 |
Loans receivable, non-current |  |  | 48,370 |  |  |  | 51,266 |
Investments in other entities – equity method |  |  | 38,454 |  |  |  | 39,319 |
Investments in privately held entities |  |  | 8,896 |  |  |  | 8,896 |
Operating lease right-of-use assets |  |  | 30,631 |  |  |  | 32,601 |
Other assets |  |  | 30,450 |  |  |  | 16,667 |
Total non-current assets |  |  | 713,198 |  |  |  | 716,398 |
Total assets(1) |  | $ | 1,442,350 |  |  | $ | 1,354,894 |
Liabilities, Mezzanine Deficit, and Stockholders’ Equity |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 119,661 |  |  | $ | 106,142 |
Fiduciary accounts payable |  |  | 4,734 |  |  |  | 8,223 |
Medical liabilities |  |  | 287,691 |  |  |  | 209,039 |
Operating lease liabilities |  |  | 5,319 |  |  |  | 5,350 |
Current portion of long-term debt |  |  | 12,500 |  |  |  | 9,375 |
Other liabilities |  |  | 29,841 |  |  |  | 27,479 |
Total current liabilities |  |  | 459,746 |  |  |  | 365,608 |
Non-current liabilities |  |  |  |  |  |  |  |
Deferred tax liability |  |  | 2,593 |  |  |  | 4,555 |
Operating lease liabilities, net of current portion |  |  | 28,714 |  |  |  | 30,654 |
Long-term debt, net of current portion and deferred financing costs |  |  | 401,057 |  |  |  | 425,299 |
Other long-term liabilities |  |  | 12,294 |  |  |  | 14,610 |
Total non-current liabilities |  |  | 444,658 |  |  |  | 475,118 |
Total liabilities(1) |  |  | 904,404 |  |  |  | 840,726 |
Mezzanine deficit |  |  |  |  |  |  |  |
Noncontrolling interest in Allied Physicians of California, a Professional Medical Corporation (“APC”) |  |  | (233,582 | ) |  |  | (202,558 | )
Stockholders’ equity |  |  |  |  |  |  |  |
Preferred stock, $0.001 par value per share; 5,000,000 shares authorized, and zero shares issued and outstanding as of June 30, 2025 and December 31, 2024 |  |  | — |  |  |  | — |
Common stock, $0.001 par value per share; 100,000,000 shares authorized, 49,138,631 and 47,929,872 shares issued and outstanding, excluding 9,903,953 and 10,603,849 treasury shares, as of June 30, 2025 and December 31, 2024, respectively |  |  | 49 |  |  |  | 48 |
Additional paid-in capital |  |  | 463,203 |  |  |  | 426,389 |
Retained earnings |  |  | 302,209 |  |  |  | 286,283 |
Total stockholders’ equity |  |  | 765,461 |  |  |  | 712,720 |
Non-controlling interest |  |  | 6,067 |  |  |  | 4,006 |
Total equity |  |  | 771,528 |  |  |  | 716,726 |
Total liabilities, mezzanine deficit, and stockholders’ equity |  | $ | 1,442,350 |  |  | $ | 1,354,894 |

(1) The Company’s condensed consolidated balance sheets include the assets and liabilities of its consolidated VIEs. The condensed consolidated balance sheets include total assets that can be used only to settle obligations of the Company’s consolidated VIEs totaling $691.0 million and $712.3 million as of June 30, 2025 and December 31, 2024, respectively, and total liabilities of the Company’s consolidated VIEs for which creditors do not have recourse to the general credit of the primary beneficiary of $230.3 million and $207.9 million as of June 30, 2025 and December 31, 2024, respectively. These VIE balances do not include $152.6 million of investment in affiliates and $35.1 million of amounts due from affiliates as of June 30, 2025, and $224.9 million of investment in affiliates and $48.1 million of amounts due to affiliates as of December 31, 2024, as these are eliminated upon consolidation and not presented within the condensed consolidated balance sheets.

ASTRANA HEALTH, INC.

CONSOLIDATED STATEMENTS OF INCOME

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |
Capitation, net |  | $ | 614,108 |  |  | $ | 442,574 |  |  | $ | 1,198,071 |  |  | $ | 808,484 |
Risk pool settlements and incentives |  |  | 15,402 |  |  |  | 18,408 |  |  |  | 29,893 |  |  |  | 35,785 |
Management fee income |  |  | 2,577 |  |  |  | 1,604 |  |  |  | 4,887 |  |  |  | 5,682 |
Fee-for-service, net |  |  | 17,878 |  |  |  | 19,959 |  |  |  | 32,769 |  |  |  | 35,896 |
Other revenue |  |  | 4,843 |  |  |  | 3,720 |  |  |  | 9,576 |  |  |  | 4,774 |
Total revenue |  |  | 654,808 |  |  |  | 486,265 |  |  |  | 1,275,196 |  |  |  | 890,621 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of services, excluding depreciation and amortization |  |  | 576,839 |  |  |  | 412,805 |  |  |  | 1,125,900 |  |  |  | 743,204 |
General and administrative expenses |  |  | 50,725 |  |  |  | 35,953 |  |  |  | 94,623 |  |  |  | 74,675 |
Depreciation and amortization |  |  | 6,904 |  |  |  | 7,441 |  |  |  | 13,752 |  |  |  | 12,537 |
Total expenses |  |  | 634,468 |  |  |  | 456,199 |  |  |  | 1,234,275 |  |  |  | 830,416 |
Income from operations |  |  | 20,340 |  |  |  | 30,066 |  |  |  | 40,921 |  |  |  | 60,205 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from equity method investments |  |  | 381 |  |  |  | 902 |  |  |  | (486 | ) |  |  | 1,534 |
Interest expense |  |  | (7,382 | ) |  |  | (8,587 | ) |  |  | (14,690 | ) |  |  | (16,172 | )
Interest income |  |  | 2,336 |  |  |  | 3,513 |  |  |  | 4,647 |  |  |  | 7,509 |
Unrealized gain (loss) on investments |  |  | 14 |  |  |  | (123 | ) |  |  | (30 | ) |  |  | 976 |
Other income (loss) |  |  | 1,136 |  |  |  | 6,126 |  |  |  | (3,934 | ) |  |  | 1,849 |
Total other (expense) income, net |  |  | (3,515 | ) |  |  | 1,831 |  |  |  | (14,493 | ) |  |  | (4,304 | )
Income before provision for income taxes |  |  | 16,825 |  |  |  | 31,897 |  |  |  | 26,428 |  |  |  | 55,901 |
Provision for income taxes |  |  | 6,609 |  |  |  | 10,031 |  |  |  | 9,991 |  |  |  | 17,173 |
Net income |  |  | 10,216 |  |  |  | 21,866 |  |  |  | 16,437 |  |  |  | 38,728 |
Net income attributable to non-controlling interest |  |  | 793 |  |  |  | 2,695 |  |  |  | 322 |  |  |  | 4,722 |
Net income attributable to Astrana Health, Inc. |  | $ | 9,423 |  |  | $ | 19,171 |  |  | $ | 16,115 |  |  | $ | 34,006 |
Earnings per share – basic |  | $ | 0.19 |  |  | $ | 0.40 |  |  | $ | 0.33 |  |  | $ | 0.72 |
Earnings per share – diluted |  | $ | 0.19 |  |  | $ | 0.40 |  |  | $ | 0.33 |  |  | $ | 0.71 |

ASTRANA HEALTH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

(UNAUDITED)

|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
Cash flows from operating activities |  |  |  |  |  |  |  |
Net income |  | $ | 16,437 |  |  | $ | 38,728 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 13,752 |  |  |  | 12,537 |
Amortization of debt issuance cost |  |  | 1,740 |  |  |  | 917 |
Share-based compensation |  |  | 19,519 |  |  |  | 13,138 |
Non-cash lease expense |  |  | 2,559 |  |  |  | 2,632 |
Deferred tax |  |  | (1,961 | ) |  |  | (7,259 | )
Other |  |  | 3,910 |  |  |  | 4,581 |
Changes in operating assets and liabilities, net of business combinations |  |  | 51,571 |  |  |  | (36,109 | )
Net cash provided by operating activities |  |  | 107,527 |  |  |  | 29,165 |
Cash flows from investing activities |  |  |  |  |  |  |  |
Payments for business acquisition, net of cash acquired |  |  | — |  |  |  | (114,585 | )
Purchase of investment – equity method |  |  | — |  |  |  | (5,968 | )
Purchase of call option issued in conjunction with equity method investment |  |  | — |  |  |  | (3,907 | )
Issuance of loan receivable |  |  | (1,050 | ) |  |  | (21,000 | )
Purchases of property and equipment |  |  | (4,490 | ) |  |  | (3,205 | )
Other |  |  | 2,069 |  |  |  | (2,299 | )
Net cash used in investing activities |  |  | (3,471 | ) |  |  | (150,964 | )
Cash flows from financing activities |  |  |  |  |  |  |  |
Dividends paid |  |  | (6,233 | ) |  |  | (1,896 | )
Borrowings on long-term debt |  |  | 412,000 |  |  |  | 170,320 |
Repayment of long-term debt |  |  | (431,357 | ) |  |  | (11,000 | )
Deferred financing cost |  |  | (17,241 | ) |  |  | — |
Taxes paid from net share settlement of restricted stock |  |  | (5,053 | ) |  |  | (3,584 | )
Other |  |  | (4,924 | ) |  |  | (237 | )
Net cash (used in) provided by financing activities |  |  | (52,808 | ) |  |  | 153,603 |
Net increase in cash, cash equivalents, and restricted cash |  |  | 51,248 |  |  |  | 31,804 |
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 289,102 |  |  |  | 294,152 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 340,350 |  |  | $ | 325,956 |
Supplemental disclosures of cash flow information |  |  |  |  |  |  |  |
Cash paid for income taxes |  | $ | 4,728 |  |  | $ | 35,742 |
Cash paid for interest |  | $ | 13,535 |  |  | $ | 14,613 |
Supplemental disclosures of non-cash investing and financing activities |  |  |  |  |  |  |  |
Right-of-use assets obtained in exchange for operating lease liabilities |  | $ | 7,110 |  |  | $ | 7,661 |
Common stock issued in business combination |  | $ | — |  |  | $ | 21,952 |
Draw on letter of credit through Revolver Loan |  | $ | — |  |  | $ | 4,732 |
Dividend paid in the form of common stock |  | $ | 21,935 |  |  | $ | — |

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total amounts of cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows (in thousands):

|  | June 30, |
|  | 2025 |  |  | 2024 |
Cash and cash equivalents |  | $ | 339,703 |  |  | $ | 325,310 |
Restricted cash (1) |  |  | 647 |  |  |  | 646 |
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows |  | $ | 340,350 |  |  | $ | 325,956 |

(1) Restricted cash is included in other assets on the condensed consolidated balance sheets.

Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin

Set forth below are reconciliations of Net Income to EBITDA and Adjusted EBITDA as well as the reconciliation to Adjusted EBITDA margin for the three and six months ended June 30, 2025 and 2024. The Company defines Adjusted EBITDA margin as Adjusted EBITDA over total revenue.

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net income |  | $ | 10,216 |  |  | $ | 21,866 |  |  | $ | 16,437 |  |  | $ | 38,728 |
Interest expense |  |  | 7,382 |  |  |  | 8,587 |  |  |  | 14,690 |  |  |  | 16,172 |
Interest income |  |  | (2,336 | ) |  |  | (3,513 | ) |  |  | (4,647 | ) |  |  | (7,509 | )
Provision for income taxes |  |  | 6,609 |  |  |  | 10,031 |  |  |  | 9,991 |  |  |  | 17,173 |
Depreciation and amortization |  |  | 6,904 |  |  |  | 7,441 |  |  |  | 13,752 |  |  |  | 12,537 |
EBITDA |  |  | 28,775 |  |  |  | 44,412 |  |  |  | 50,223 |  |  |  | 77,101 |
(Income) loss from equity method investments |  |  | (381 | ) |  |  | (902 | ) |  |  | 486 |  |  |  | (1,534 | )
Other, net |  |  | 7,998 | (1) |  |  | (2,983 | )(2) |  |  | 14,257 | (3) |  |  | 1,457 | (4)
Stock-based compensation |  |  | 11,709 |  |  |  | 7,390 |  |  |  | 19,519 |  |  |  | 13,138 |
Adjusted EBITDA |  | $ | 48,101 |  |  | $ | 47,917 |  |  | $ | 84,485 |  |  | $ | 90,162 |
Total revenue |  | $ | 654,808 |  |  | $ | 486,265 |  |  | $ | 1,275,196 |  |  | $ | 890,621 |
Adjusted EBITDA margin |  |  | 7 | % |  |  | 10 | % |  |  | 7 | % |  |  | 10 | %

| (1) | Other, net for the three months ended June 30, 2025 relates to transaction costs for our acquisition of Prospect Health, certain costs associated with the CHS transaction, non-cash changes related to the change in the fair value of our call option and Collar Agreement, and severance fees incurred.

| (2) | Other, net for the three months ended June 30, 2024, relates to non-cash changes related to change in the fair value of the Company's Collar Agreement, transaction costs incurred for our investments and tax restructuring fees, and reimbursement from a related party of the Company for taxes associated with the Excluded Assets spin-off.

| (3) | Other, net for the six months ended June 30, 2025, relates to debt issuance costs expensed in connection with our Second Amended and Restated Credit Facility, transaction costs for our acquisition of Prospect Health, data transition costs for our recent acquisitions, certain costs associated with the CHS transaction, non-cash changes related to change in the fair value of our call option and Collar Agreement, and severance fees incurred.

| (4) | Other, net for the six months ended June 30, 2024, relates to financial guarantee via a letter of credit that we provided almost three years ago in support of two local provider-led ACOs, non-cash changes related to change in the fair value of our financing obligation to purchase the remaining equity interests in one of our investments, non-cash changes related to change in the fair value of the Company’s Collar Agreement, and transaction costs incurred for our investments and tax restructuring fees, and reimbursement from a related party of the Company for taxes associated with the Excluded Assets spin-off.

Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA

|  | Year Ending December 31, 2025 |
|  | Guidance Range |
(in thousands) |  | Low |  |  | High |
Net income |  | $ | 57,500 |  |  | $ | 63,500 |
Interest expense |  |  | 41,500 |  |  |  | 42,500 |
Provision for income taxes |  |  | 31,000 |  |  |  | 34,000 |
Depreciation and amortization |  |  | 32,000 |  |  |  | 32,000 |
EBITDA |  |  | 162,000 |  |  |  | 172,000 |
Income from equity method investments |  |  | (2,000 | ) |  |  | (2,000 | )
Other, net |  |  | 20,000 |  |  |  | 20,000 |
Stock-based compensation |  |  | 35,000 |  |  |  | 35,000 |
Adjusted EBITDA |  | $ | 215,000 |  |  | $ | 225,000 |

The Company has not provided a quantitative reconciliation of EBITDA and Adjusted EBITDA for the quarter ending September 30, 2025 to the most comparable GAAP measure on a forward-looking basis within this press release because the Company is unable, without unreasonable efforts, to provide reconciling information with respect to certain line items that cannot be calculated for the three month period. These items, which could materially affect the computation of forward-looking GAAP net income, are inherently uncertain and depend on various factors, some of which are outside of the Company’s control.

Use of Non-GAAP Financial Measures

This press release contains the non-GAAP financial measures EBITDA and Adjusted EBITDA, of which the most directly comparable financial measure presented in accordance with U.S. generally accepted accounting principles (“GAAP”) is net income. These measures are not in accordance with, or alternatives to GAAP, and may be calculated differently from similar non-GAAP financial measures used by other companies. The Company uses Adjusted EBITDA as a supplemental performance measure of our operations, for financial and operational decision-making, and as a supplemental means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation, and amortization, excluding income or loss from equity method investments, non-recurring and non-cash transactions, and stock-based compensation. The Company defines Adjusted EBITDA margin as Adjusted EBITDA over total revenue.

The Company believes the presentation of these non-GAAP financial measures provides investors with relevant and useful information, as it allows investors to evaluate the operating performance of the business activities without having to account for differences recognized because of non-core or non-recurring financial information. When GAAP financial measures are viewed in conjunction with non-GAAP financial measures, investors are provided with a more meaningful understanding of the Company’s ongoing operating performance. In addition, these non-GAAP financial measures are among those indicators the Company uses as a basis for evaluating operational performance, allocating resources, and planning and forecasting future periods. Non-GAAP financial measures are not intended to be considered in isolation, or as a substitute for, GAAP financial measures. Other companies may calculate both EBITDA and Adjusted EBITDA differently, limiting the usefulness of these measures for comparative purposes. To the extent this release contains historical or future non-GAAP financial measures, the Company has provided corresponding GAAP financial measures for comparative purposes. The reconciliation between certain GAAP and non-GAAP measures is provided above.